Trading analysts warn that Bitcoin (BTC) could lose $100,000 in support in the coming months and face deeper losses if bearish sentiment continues.
especially, Master Ananda The analysis showed that a decisive break below $100,000 could open the doors of drops heading into the $88,888 and $82,500 range, he explained TradingView Posted on June 22nd.
The analysis suggests that Fibonacci retracement levels on the daily chart could quickly slide to around $88,000 at the 0.618 level if Bitcoin drops at $100,000.
Analysts noted that without buyer support at these levels, rapid sales could continue.
Interestingly, this bearish setup depends on whether Bitcoin can exceed $100,000. If so, a strong rebound remains the most likely outcome.
The outlook also suggested that a short decline, perhaps to $80,000, would be short-lived before the uptrend resumed. The next 2-3 days will be important in deciding whether Bitcoin will remain supported or face further losses. If $100,000 fails, a transition to the $80,000 area could be achieved by early October.
Bitcoin enters major demand zones
Meanwhile, pseudonym crypto analyst Bitbull In a post on June 22nd, I proposed that the current bearish mood could be a healthy reset for Bitcoin. According to BitbullBitcoin is testing the major demand zones of $100,000 to $103,500, which whales are actively accumulating.
He highlighted this price range as an important area of interest as it is a strong support floor for cryptocurrency.
Despite the fears in the market and the “everything’s over” story, experts pointed out that Bitcoin remains a long-term outlook. Technical shows that this demand zone has historically been a hub and Bitcoin still looks promising in the wider time frame.
Bitcoin price analysis
By press time, Bitcoin had fallen by 1.5% over the last 24 hours, trading at $102,284 at over 3% on the weekly chart.
Going forward, the Bulls will have to revert the price to $103,000 and open the door for a retest of $105,000. However, if Bitcoin loses short-term support at $102,000, a drop below $100,000 appears increasingly plausible.
Featured Images via ShutterStock
